Updated February 11th, 2024 at 00:54 IST
India's Economic Ascendancy: From 'Fragile 5' to 'Top 5' Globally, says Jitendra Singh
India has become the fifth-largest economy and the third-largest startup ecosystem globally: MoS
New Delhi: India's economic trajectory has shifted drastically, transforming from being part of the ‘Fragile 5’ to achieving a position among the ‘Top 5’ global economies. Over the past decade, Union Minister Dr Jitendra Singh said on Saturday.
Singh, in the same address, added that this journey serves as a compelling case study for economics enthusiasts as it demonstrates the transition of the Indian economy’s pessimism to optimism, which Singh adds was due to Prime Minister Modi’s leadership.
India has become the fifth-largest economy and the third-largest startup ecosystem globally, and according to Singh, this substantiates the country’s growing economic might. Singh further adds on, saying India's leap in the Global Innovation Index, advancing 41 places in ten years to rank 40th globally,.
The Minister further spoke about the growth of India's startup landscape, citing the surge from 350 startups in 2014 to over 130,000 today. He credited Prime Minister Modi's 'StartUp India, Stand Up India' initiative for this exponential growth, which fostered an enabling environment for entrepreneurship.
Additionally, Singh highlighted the important role of space reforms initiated by PM Modi, which facilitated the emergence of over 190 private space startups. He celebrated India's strides in space exploration, including the successful Chandrayaan-3 mission's historic touchdown on the lunar south pole.
Biotechnology has emerged as a key driver of India's economic future, with the bioeconomy expanding from $10 billion to nearly $140 billion over the past decade. Singh additionally spoke about the abundance of bioresources in India and highlighted initiatives like the Aroma Mission and Deep Ocean Mission to harness untapped potential.
Addressing the need for greater public-private collaboration in scientific research, Dr. Jitendra Singh introduced the "Anusandhan National Research Foundation" (NRF). In his address, he spoke about his thoughts on NRF being a model for effective partnership, with a budget of Rs. 50,000 crore over five years, predominantly sourced from non-government entities.
Jitendra Singh further underlined PM Modi's role in dismantling obsolete regulations and fostering an environment conducive to innovation and entrepreneurship. He highlighted India's leadership in addressing climate change, promoting green energy, and launching initiatives like the Global Biofuel Alliance, and following that, concluded by stating about India's potential to lead on the global stage, with the youth playing a pivotal role in shaping PM Modi's vision for a developed India by 2047.
Published February 11th, 2024 at 00:54 IST